- Analytics
- News and Tools
- Market News
- US Dollar Index Price Analysis: DXY flirts with 96.00 key support
US Dollar Index Price Analysis: DXY flirts with 96.00 key support
- DXY picks up bids to consolidate the heaviest daily fall in two weeks.
- 50-DMA, 21-DMA and 50% Fibonacci retracement limit immediate downside.
- Bulls may aim for 96.50 hurdle as MACD backs the rebound.
US Dollar Index (DXY) defend 96.00 during a sluggish Asian session on Wednesday.
The greenback gauge dropped the most since February 03 the previous day but convergence on the 21-DMA and 50-DMA restricted the quote’s further downside. Also challenging the DXY bears is the 50% Fibonacci retracement (Fibo.) January’s upside.
It’s worth noting that the MACD teases bulls of late, which in turn suggests the continuation of the latest rebound.
However, a six-week-old horizontal area surrounding 96.50 will be a tough nut to crack for the US Dollar Index bulls, a break of which will escalate the run-up towards the previous month’s peak of 97.44.
During the run-up, the 97.00 threshold will act as an intermediate halt.
On the flip side, 61.8% Fibo. level near 95.70 acts as immediate support to watch during the quote’s clear declines past-96.00.
Following that, the monthly low of 95.13 and 2022 bottom surrounding 94.62 will gain the US Dollar Index bears’ attention.
DXY: Daily chart
Trend: Further recovery expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
